Former Chancellor, George Osborne, is set to earn £650,000 a year from working only four days a month at global investment group, BlackRock, after updating his entry in the registry of MPs’ interests on Budget day
Osborne, MP for Tatton since 2001, updated the register of members' financial interests on 8 March 2017, meaning it went seemingly unnoticed during the commotion of the spring Budget.
The register shows that he will receive money on a quarterly basis from BlackRock, starting from 1 February this year, however details of his new role have only just been listed now.
The register states: ‘From 1 February 2017, adviser on the global economy to The Blackrock Investment Institute, Drapers Gardens, 12 Throgmorton Avenue, London EC2N 2DL. I expect to be paid £162,500 a quarter in return for a quarterly commitment of 12 days. I also expect to receive registrable equity in BlackRock in the future.’
Osborne is now a part-time senior adviser at the BlackRock Investment Institute and has previously said that he will give his views on trends in the financial sector and European policies and politics.
On 13 July 2016, Osborne was sacked as Chancellor and returned to the backbenches were he earns £74,000 a year as an MP. As Chancellor his annual salary was £134,000, so he is currently making almost five times as much as he had previously.
In August 2016 he joined the Washington Speakers Bureau, following former Prime Ministers Gordon Brown and Tony Blair, who both earned speaking fees through the agency after leaving office.
Due to his extra income Osborne is now currently the highest earning MP.
The Register of Members' Financial Interests for George Osborne is available here.
